Emerging economies in the world have already been experiencing a significant boost thanks to new technologies such as cloud computing, artificial intelligence (AI), Internet of Things (IoT), blockchain and so on.
Advancements in these technologies are helping emerging economies to bridge the innovation gap in many areas including healthcare, telecommunications, infrastructure, financial services and more.In such context, Bangladesh is rapidly emerging as one of the key economies in the region and for local businesses in the country, the opportunity is ripe for them to leverage new technologies to help them to raise productivity and make their businesses future-proof in many ways.
However, Bangladesh was known for its risk-averse approach towards adopting advanced innovations. They used to observe the results obtained by early adopters, especially when capital expenditure was a major factor, before deciding to upgrade.
Regarding the emerging technology, Oracle Regional Managing Director Cherian Varghese said many local organizations still facing challenges when managing legacy and complex IT platforms to the extent that 80 percent of their resources are spent on just running basic business operations.
Bangladeshi organizations include - BRAC Bank, National Polymer, DBL Group, Dulal Brothers, Partex Star Group and the Bangladesh Bridge Authority, to name a few, that are already seeing benefits of their Oracle Cloud deployments.
With Oracle Cloud, these organizations are experiencing faster time to market, increased productivity and greater business agility.
As Cherian points out, cloud helps organizations break out of the 80:20 trap and adopt new innovative technologies, like the Oracle Autonomous Database, a self-driving, self-securing, self-repairing data management technology.
“This technology uses machine learning to help deliver more value from data that helps organizations re-deploy resources to innovate quickly instead of dedicating staff time to maintenance tasks and resources to just keeping the lights on,” explained Cherian.
As an example, National Polymer Industries Limited has managed to save 70 percent on its disaster recovery system costs from using Oracle’s cloud infrastructure and platform services, while at the same time enabling maximum data protection.
In fact, Oracle cloud provides the essential elements needed by most organizations to modernize their business and drive innovation through its comprehensive and integrated cloud portfolio, including Oracle IaaS, PaaS, SaaS, and DaaS.
“Oracle Cloud Applications embed AI capabilities and machine learning into the key finance, HR, marketing and other applications companies use to help them derive better insights about customers, employees, and processes,”
Discussing the key differentiators as a cloud provider, Cherian said the Oracle Cloud offers complete SaaS application suites for ERP, HCM, and CX, plus best-in-class database PaaS and IaaS from data centers throughout the Americas, Europe, and Asia.
We need new tools that leverage AI and machine learning that can take away mundane tasks and free humans up. As a result, autonomous data management capabilities are helping customers extract more value from their information stores than ever before, allowing them to get better business insights faster,” added Cherian.
In conclusion, Cherian said that autonomous technologies and Artificial Intelligence (AI), blockchain, Cloud and Data Analytics will be key driving forces in 2019. This is in response to the massive data explosion that is taking place.
Jannatul Islam is with Daily Sun. He can be reached over email at [email protected]